Insider Selling: Customers Bancorp (NYSE:CUBI) Director Sells $61,570.68 in Stock

Customers Bancorp, Inc (NYSE:CUBI) Director T. Way sold 723 shares of the firm’s stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $85.16, for a total transaction of $61,570.68. Following the completion of the sale, the director owned 77,890 shares in the company, valued at $6,633,112.40. This represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

T Lawrence Way also recently made the following trade(s):

• On Friday, October 30th, T. Way sold 48,796 shares of Customers Bancorp stock. The shares were sold at an average price of $83.88, for a total transaction of $4,093,008.48.

Customers Bancorp Trading Up 0.4%

Shares of Customers Bancorp stock opened at $84.64 on Friday. The company has a market capitalization of $2.86 billion, a P/E ratio of 10.26 and a beta of 1.43. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.05. The stock has a fifty day simple moving average of $78.65 and a 200 day simple moving average of $76.10. Customers Bancorp, Inc has a 12-month low of $63.44 and a 12-month high of $89.60.

Customers Bancorp (NYSE:CUBI) last issued its quarterly earnings data on Thursday, October 22nd. The bank reported $2.27 EPS for the quarter, topping the consensus estimate of $2.14 by $0.13. Customers Bancorp had a net margin of 19.11% and a return on equity of 13.73%. The business had revenue of $240.24 million during the quarter, compared to analyst estimates of $237.18 million. During the same period in the prior year, the business earned $2.20 EPS. On average, sell-side analysts anticipate that Customers Bancorp, Inc will post 8.55 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Piper Sandler restated an “overweight” rating and set a $102.00 price target (up from $92.00) on shares of Customers Bancorp in a research report on Monday, October 26th. TD Cowen raised their price target on Customers Bancorp from $91.00 to $97.00 and gave the company a “buy” rating in a report on Monday, October 26th. DA Davidson set a $107.00 price objective on Customers Bancorp in a report on Monday, October 26th. Weiss Ratings raised shares of Customers Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. upped their target price on Customers Bancorp from $92.00 to $100.00 and gave the stock an “overweight” rating in a report on Monday, October 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $94.36.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio purchased a new stake in Customers Bancorp during the 2nd quarter valued at $40,000. Bessemer Group Inc. lifted its position in shares of Customers Bancorp by 78.4% during the 1st quarter. Bessemer Group Inc. now owns 528 shares of the bank’s stock worth $37,000 after purchasing an additional 232 shares during the last quarter. Versant Capital Management Inc increased its stake in Customers Bancorp by 41.0% in the 2nd quarter. Versant Capital Management Inc now owns 561 shares of the bank’s stock valued at $44,000 after buying an additional 163 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in Customers Bancorp during the 2nd quarter valued at $71,000. Finally, Rockefeller Capital Management L.P. lifted its stake in shares of Customers Bancorp by 528.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,445 shares of the bank’s stock valued at $106,000 after purchasing an additional 1,215 shares in the last quarter. 89.29% of the stock is owned by institutional investors.

About Customers Bancorp

Customers Bancorp, Inc is a bank holding company headquartered in Wyomissing, Pennsylvania. Through its principal subsidiary, Customers Bank, the company provides banking and financial services to businesses, entrepreneurs, professionals and consumers in the United States.

Customers Bank offers commercial and industrial lending, commercial real estate financing, small business lending, mortgage warehouse financing, venture banking and other specialized credit products. Its services also include business and consumer deposit accounts, cash management, treasury services, online banking and payment solutions.